OFAC Pushes Ongoing Surveillance in Enforcement – Export Controls and Trade and Investment Sanctions

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John Smith spoke to Review of global surveys about the United States Office of Foreign Assets Control (OFAC) issuing a finding of violation (FOV) against Oklahoma City-based MidFirst Bank for allowing two people to transact after being added to the agency’s Specially Designated Nationals and Blocked Persons List (SDN List), warning financial institutions to implement reliable screening tools to continue monitoring the list.

“I think what OFAC wanted was for every bank and every operating company to call their provider to make sure the provider is screening new and existing customers on a regular basis,” John said. “That was clearly the intention; to make sure others do their due diligence and check with their testing provider. It’s a cautionary tale for everyone.”

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Originally published by Global Investigations Review

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